Posted on: 09th Jul, 2010 11:46 pm
My best friend had the down payment but not the credit to purchase her house. Her boyfriend co-signed on the loan for her. She told me she is worried because he did not put her on the title and has not yet done so. She is making all payments on the house. He said he would quitclaim it to her, but he has not done that yet either, but she worries the lender won't agree to let her take over the loan in that situation. Can't he just put her on the title with him? Even though it was her money that made the down payment and she has been paying the monthly bills, the house is technically his right now, right? She is worried he could sell it out from under her and doesn't understand why she is not on the title yet, and how can she get put on it? Thanks
if you just want to get a share the title, your boyfriend can sign the quit claim any time he wants. a quit claim only transfers the share in the interest of the property. you will still have to pay your part in the loan are your paying now. a quit claim deed does not warranty the rights.
it is true that if your name is still not in the title, then your boyfriend only is the legal owner of the property. but you need not worry about whether the lender will agree to the deed or not, because the loan will not matter in this case, it would have mattered had it been a warranty deed. also, you are not really taking over the loan, you are just sharing the title.
a quit claim deed could be the answer.
it is true that if your name is still not in the title, then your boyfriend only is the legal owner of the property. but you need not worry about whether the lender will agree to the deed or not, because the loan will not matter in this case, it would have mattered had it been a warranty deed. also, you are not really taking over the loan, you are just sharing the title.
a quit claim deed could be the answer.